By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 6 (MarketsFarm) – The ICE Futures canola market was stronger at midday Thursday, hitting fresh contract highs once again as the uptrend showed no signs of slowing.
“The crushers need canola and there’s not a lot left out there,” said a Winnipeg-based trader on the limit-up move in the nearby July contract. “They have sales on the books that they need product for,” added, noting “they got to keep the pipeline full.”
Gains in the Chicago Board of Trade soy complex provided spillover buying interest for canola as well.
However, strength in the Canadian dollar tempered the advances in the new crop months somewhat as the currency touched 82 U.S. cents.
About 10,000 canola contracts traded as of 10:42 CDT.
Prices in Canadian dollars per metric tonne at 10:42 CDT:
Canola Jul 963.50 up 30.00
Nov 754.60 up 14.20
Jan 745.50 up 10.80
Mar 737.70 up 10.40